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Good morning. My name is (Naina). I will be your conference operator today. At this time, I would like to welcome everyone to the RenaissanceRe's First Quarter 2011 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions) Thank you.

Mr. Peter Hill, you may begin your conference.

Peter Hill – Investor Relations

Good morning and thank you for joining our first quarter 2012 financial results conference call.

Yesterday after the market close, we issued our quarterly release. If you didn't get a copy, please call me at 212-521-4800, and we'll make sure to provide you with one. There will be an audio replay of the call available from approximately noon Eastern Time today through midnight on May 24. The replay can be accessed by dialing 855-859-2056 or 404-537-3406. The pass code you will need for both numbers is 68232084. Today's call is also available through the Investors section of www.renre.com and will be archived on RenaissanceRe's website through midnight on July 12, 2012.